Vietnam's GDP rises 4.24% in Jan-Sep; Sep CPI rises by 3.66% YoY

30 Sep '23

1 min read

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Vietnam's GDP rose by 4.24 per cent in the first three quarters this year, lower than 8.85 per cent in the same period last year.
The third quarter (Q3) GDP is likely to have grown by 5.33 per cent year on year (YoY), faster than an expansion of 4.05 per cent in Q2.
Manufacturing rose by 1.98 per cent.
The September consumer price index soared by 3.66 per cent YoY.

Vietnam's gross domestic product (GDP) rose by 4.24 per cent between January and September this year, lower than the 8.85 per cent recorded in the same period last year, according to the country’s General Statistics Office.

GDP in the third quarter (Q3) is expected to have grown by 5.33 per cent year on year (YoY), faster than an expansion of 4.05 per cent in Q2. Manufacturing rose by 1.98 per cent, also lowest during the period.

Vietnam recorded a trade surplus of $21.68 billion during the first three quarters, tripling year on year. Exports fell by 8.2 per cent to $259.67 billion, while imports were down by 13.8 per cent to $237.99 billion, according to domestic media reports.

The consumer price index (CPI) in September soared by 1.08 per cent over the August figure and by 3.66 per cent YoY.

An economic recovery is tentative and manufacturing could stay lacklustre for some time, while an improvement in foreign investment prospects was unclear, Standard Chartered said in a recent note.

The International Monetary Fund has projected the country’s growth this year at 4.7 per cent, while the Asian Development Bank has cut its forecast to 5.8 per cent from April’s 6.5 per cent.

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